cryptocurrency

Ripple Price Analysis: Bears Test at $0.29

  • Ripple price started a new decline from the $0.3700 resistance level against the US Dollar.
  • The price is now trading below $0.340 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.3400 on the 4-hour chart of the XRP/USD pair (data source from Bittrex).
  • The pair could continue to move lower if it breached the $0.320 and $0.318 support levels.

Ripple drops below $0.350 against the US dollar, similar to Bitcoin. XRP price must remain above $0.3000 to avoid further losses in the near term.

Ripple price analysis

After forming a base near the $0.3310 region, the Ripple price started a new high against the US Dollar. The XRP/USD pair managed to break through the $0.3500 resistance area.

The price even broke the $0.3550 resistance and the 55 simple moving average (4-hours). However, there was no move above the $0.3700 resistance area. A top formed near $0.3706 before there was a fresh low. The price dropped below the $0.3500 support area.

There was a clear move below the $0.3400 level and the 55 simple moving average (4-hours). The pair traded as low as $0.3194 and is currently consolidating losses.

On the upside, the price is facing resistance near $0.3315. It is near the 23.6% Fib retracement level of the recent decline from $0.3706 to the $0.3194 low. The next major resistance is near the $0.3400 level. There is also a major bearish trend line forming with resistance near $0.3400 on the 4-hour chart of the XRP/USD pair.

It is close to the 50% Fib retracement level of the recent decline from $0.3706 to the low of $0.3194. A clear move above the $0.3400 and $0.3450 resistance areas may start a new rally.

In the mentioned case, the price might surpass the $0.350 resistance. Any further gains could send the price towards the $0.380 resistance. There is initial support on the downside near the $0.3180 level.

The next major support is near the $0.3000 level. Any further losses could push the price towards the $0.2900 level, below which the price could test $0.2750.

Ripple price

look at me ScheduleRipple price is now trading below the $0.3500 area and the 55 simple moving average (4-hours). In general, the price could continue declining if it breaks above the $0.320 and $0.318 support levels.

Technical Indicators

4 hours MACD – MACD for XRP/USD is gaining momentum in bearish territory.

4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.

Key Support Levels – $0.3180, $0.3000 and $0.2900.

Key resistance levels – $0.3400 and $0.3500.

Tags: ripple, XRP

#Ripple #Price #Analysis #Bears #Test

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